Business Insurance – an Investment in Your Future
Owning a business is a large investment of time, money and the future of your small business could rely on securing the right insurance. There is more to running a small business than daily business transactions, as many new business owners discover only too late.
This realization usually occurs when a sudden natural disaster destroys a small business's equipment, data, office, and furnishings. It may also occur in small businesses that have unrecognized liabilities, such as employee injuries or fatalities.
Be Prepared with Comprehensive Auto, Home, and Business Insurance Plan
To determine the actual cost of loss or liability, small business owners usually need the help of a professional insurance agent.
The logical action to take is to choose an insurance professional with substantial experience in your line of work. Pulling from past client experience, your agent will be familiar with potential problems that may result in costly liability.
Five Tips to Insurance Your Small Business
There are five essential tips to consider when insuring your small business. These include:
1. Identifying potential liability
2. Evaluating actual business property coverage
3. Choosing the most cost-effective workers' compensation policy
4. Ability to add on insurance features that result from changes to business practices
5. Specifying insurance coverage for performance and financial loss
Identifying Potential Liability
During the day to day operation of a small business, the owners may not always see details in areas of their business that may be a source of liability. An experienced insurance agent has the knowledge and skill to pinpoint areas that require insurance coverage.
Evaluating Actual Business Property Coverage
For a small business with a storefront, their real property can be a large part of the value of their daily business operations; it is advisable to allow an insurance agent to evaluate the coverage you will need in the event of loss of use.
Choose the Most Cost-Effective Workers Compensation Policy
Workers compensation for business owners with a staff that has a storefront to conduct business should be discussed and reviewed to ensure coverage is adequate to cover medical, burial and death benefits, as well as lost wages.
Ability to Add-On Insurance Features
Small business owners may need the assurance that a claim of liability filed against the business, owners' home, auto, and business insurance policies are adequate to avert financial disaster.
A small business insurance policy should be flexible enough to allow for add-ons that result from changes to business practices. For example, a business owner expands the reach of his target market of customers requiring him to increase the number of employees.
A small business owner may also need commercial auto insurance should they offer delivery service using company vehicles.
Specify Insurance Coverage for Performance and Financial Loss
Most small business owners endeavor to reach 100 percent customer satisfaction. However, from time to time they may encounter a customer complaint regarding business performance. Professional liability insurance, also known as errors and omission insurance, can cover a professional who makes a living off of their expertise.
There is also the potential for financial loss from non-payment by suppliers and customers. It is important to discuss these possibilities and the types of insurance coverage that provides optimal security and confidence to a business owner.
The "Go To" Insurance Expert
Kelly Lee Insurance TWFG has earned the trust of its small business insurance clients, as well as its property and casualty insurance clients. Kelly Lee Insurance provides Auto, Home, Life, and Business Insurance as part of a broad range of insurance coverage. For more information, contact us today.
It’s the law in Louisiana to have insurance on your vehicle. In some geographic areas, it’s a must in Louisiana to have flood insurance on your home. People don’t bat an eye when it comes to insuring home and automobiles, but the thought of life insurance sometimes brings about questions.
Life insurance is protection and investment for the events that occur in the course or span in individuals’ lives. This type of insurance pays out a sum of money either at the death of the individual or after a set amount of time or term.
There are two primary types of life insurance. These two types are term and permanent. Term life insurance is for a defined or specific amount of time. Permanent life insurance is for your entire life or time of your death.
Premium payments on life insurance, the amount of money you pay to be insured, will be different depending on if you have term or permanent life insurance. Term life insurance premiums are normally lower than permanent life insurance premiums.
Two types of permanent life insurance are whole life insurance and universal life insurance. Whole life insurance premiums are usually set coverage amounts for the entire time you have the policy. Universal life insurance commonly allows you flexibility to change your premium and coverage amounts throughout your lifetime.
A similarity for both types of life insurance involves taxes. Death benefits payable for all types of life insurance are usually income tax free.
When looking at the different types of life insurance it is important to note what is being insured or what the policy benefits would pay for upon the holder’s death. Term Life Insurance replaces or pays income during working years. Universal Life Insurance helps meet the need of wealth transfer, protects your income, and possibly can focus on tax-deferred wealth accumulation. Whole life insurance is designed for wealth transfer, preservation, and tax-deferred wealth accumulation.
Wealth transfer is how your assets, that can include wills, estate planning, and trusts, are paid to or transferred to your beneficiaries in a tax efficient way. Tax-deferred wealth accumulation can allow lower tax rates while earning a higher investment rate. These permanent life insurance categories and/or plans are usually lower risk when speaking in relation to traditional investments.
The premiums paid for these plans will depend on risk-related categories. Those categories include things like your family medical history, lifestyle choices (like whether you use tobacco products), and your overall health. The higher the risks, the higher the premiums.
Educating yourself about life insurance is not a difficult thing to do in the Lake Area. The reason it isn’t a difficult thing to do is because there are local companies like Kelly Lee Insurance TWFG Insurance Service were their policy is caring. That means they will sit down and explain what the different type of life insurance policies can do for your children, spouse, parents, or older siblings whose future you want to secure when the time of your death comes.
Just about anyone who earns income owes it to their loved ones and themselves to consider having a conversation for a complimentary quote on premiums. For all types of life insurance with the coverage you need at a price you can afford, Kelly Lee Insurance has access to over 50 independent insurance carriers.
Life Insurance Lake Charles LA: Introduction
Life insurance comes with a bit of red tape, but it can be an essential part of a family's health and well-being. Sometimes choosing the right package can feel overwhelming. There is much to compare. A good agent will ask you a few questions to help narrow down your choices, and outline what is most practical for your situation.
Life Insurance Lake Charles LA: Five Reasons Why Most People Need Protection
Are you the primary breadwinner, or does your family depend on you for support?
If you have young children, you probably need to look into a policy. A life insurance policy can replace your income if you die prematurely. While the family is struggling with your passing, insurance is going to feel like a blessing, as it is going to help you take care of your little ones while your spouse adjusts to your absence.
2) An Inheritance
Life insurance can be used as a form of inheritance for those you leave behind. Your family might not come from a long line of heirs, but life insurance can give you the opportunity to provide for their future. Think of it as a nest egg once you are gone. While you may not be able to afford a $200 million policy, chances are you can leave them something to protect their future. Life insurance can help take care of everyone in the family, including new arrivals for many years to come.
3) Debt Relief
Life insurance can also be used to pay down debts. Your family may be dealing with outstanding car loans or a house note once you pass on. They will now need to take care of everything without you. Losing you will be hard enough. Your loved ones are going to be facing an emotional burden, without life insurance you may also be saddling them with debts that they cannot pay? Life insurance lets you protect their home, transportation and ensures they can simply put groceries on the table.
4) Who Is Going to Take Care of You?
This is a question that a lot of families ask themselves when the breadwinner departs this world. You can give them that security by investing in a life insurance policy. Leave everything in written form for whom you want the money to go. This way your family won’t struggle with coming up with final expenses .
A great deal of stress can come with a death in the family, even more than what we have mentioned. A life insurance policy does not replace the person, but it does show you cared enough to take care of everything prior to death. We have no way of knowing how long we live. Don’t wait until tomorrow to take care of something you can do today. Call Kelly Lee Insurance for an informed, no hassle quote on life insurance today.
It happens to the best of us: you're not paying attention or get distracted for just a second, and bam! You knick a parked car. While this is incredibly annoying and maybe even slightly embarrassing, it is truly not the end of the world. You have options and coverage, especially with auto insurance lake charles. Accidents are the reason we have insurance, right?
When you choose your car insurance policy, you get to make a lot of decisions about the type of coverage you want. That being said, every policy will still include liability coverage, which includes both property damage and bodily injury. This will cover physical damage to a car and also medical bills should somebody get hurt in an accident.
Generally, a parked car accident won't involve bodily injury, but it will involve property damage claims. Property Damage Liability (PDL) is a feature that is found on most car insurance policies. You will file under PDL if you hit a parked car. Here are the steps you need to take if you've hit a parked car:
1) File a Claim
First things first, contact your insurer to file a claim. This will involve an investigation to determine fault, which is obviously very easy if you hit a parked car. The insurer will take the initiative to talk to the other driver's insurance after you have filed your claim and determine what their coverage is. Together, both insurers will decide how much of the damage will be covered by what party.
2) Assessing Damages
The claim adjusters are supposed to determine the maximum amount of responsibility for a claim. The assessment of who owes what, what each insurance company will pay, and what the total costs are, fall to the claim adjusters.
3) Look for Changes in Your Policy Premiums
Because hitting a parked car is an at-fault loss, your premiums are likely to go up from this incident. This may be frustrating, especially in cases where nobody was injured. Another frustration when hitting a parked car is that property damage policies do not cover the damage to your own property because you are the one at fault. So if your car is scraped and damaged, it will fall to you to cover these damages out of pocket. Luckily, most damage to parked cars is fairly minor because of the nature of these accidents.
It is important to note that because damages are assessed based on the total value of the car, sometimes very old and cheap cars may be considered totaled after being hit. This does not happen often but it is something to be aware of.
The amount of coverage going forward with the car will depend on your personal plan and the nature of the accident. You should be covered for at least some of the costs, but the amount that you are covered for is up for question.
Auto insurance lake charles gives you options vehicle coverage. Accidents happen, so be sure to make sure you are covered before they do!
The monetary consequences of the risks you and your family take each day are difficult to pinpoint, are you sure your current liability insurance offers you enough protection?
The Basics of Personal Umbrella Liability Policies
If you are found to be legally responsible for someone becoming injured or damaging someone's property without a personal umbrella liability insurance policy, anything past the limits of your standard liability coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.
A personal umbrella liability policy provides an extra layer of insurance coverage over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage has been exhausted.
Who Needs an Umbrella Liability Policy?
We recommend that our clients consider carrying an umbrella policy. If you engage in a high-risk hobbies or activities that increases your odds of being sued—such as household teenage drivers, entertaining often or owning a swimming pool - it's prudent to supplement your insurance with a personal umbrella liability policy.
How Much Coverage Do I Need?
You’ll want to take into consideration not only your total personal assets but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.
Coverage starts at $1 million, and can go as high as $10 million. When considering the value of the umbrella policy, discuss your personal needs with Kelly Lee Insurance.
How Much Does Coverage Cost?
Additional liability insurance is inexpensive in comparison to the addional coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating and more, a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 to $75 for each million thereafter.
Count on Us
Don’t wait for a rainy day to find out you need the additional protection a personal umbrella liability policy can provide. Call TWFG Insurance - Kelly Lee LLC today at (337) 656-2890 to discuss your unique needs and learn about all of our liability insurance solutions.
Know The Risks and Be Prepared
Many people do not realize just how dangerous fireworks and sparklers can be—which is a primary reason that injuries occur. Fireworks can not only injure the users but can also affect bystanders.
Most injuries and accidents occur because people often underestimate the dangers posed by fireworks and don’t take proper safety precautions. In fact, the Consumer Product Safety Commission found that more than half of fireworks-related injuries were the result of unexpected ignition or consumers not using fireworks as intended.
Unfortunately, all fireworks carry potential risks of burns, blindness and other injuries, but you can significantly reduce the potential for danger through proper planning and safety.
Tips for Safe Firework Use
When using fireworks, always plan in advance who will shoot them, and what safety precautions will be in place. Here are some suggestions to ensure safety and avoid accidents:
• Keep spectators at a safe distance.
• Never give sparklers to children under five.
• Only use fireworks as intended. Do not alter or combine them, and do not use homemade fireworks.
• Do not carry fireworks in your pocket or shoot them from metal or glass containers.
• Point fireworks away from people, homes, trees, etc.
• Show children how to properly hold sparklers, how to stay far enough away from other children and what not to do; throw, run or fight with sparkler in hand—and always supervise closely.
• Always have a hose or water bucket handy.
• Never try to relight a dud (a firework that didn’t properly ignite).
• Soak all firework debris in water before throwing it away.
• Use fireworks and sparklers outdoors only.
• Wear safety goggles when handling or shooting off fireworks.
• Do not shoot fireworks off while under the influence of alcohol.
Take Precautions, Reduce Risk
Be sure that your celebrations comply with all applicable state and local laws. The laws regulate who can purchase and use fireworks, when they can be purchased and used, and what the maximum noise levels may be. Under these regulations, the focus is not only on product safety but also on the reduction of accidents and injuries to you the consumer.
On June 21, 2018, the U.S. Supreme Court ruled that state governments can collect sales taxes from online retailers, even if a retailer doesn’t have a physical presence in the state. Until this decision, states could only collect taxes from online retailers that had in-state headquarters or another significant connection to that state.
This decision should benefit brick-and-mortar businesses, as sales taxes often forced them to increase prices—making it difficult to compete with the lower prices offered by online retailers. The court’s ruling also said that states should benefit from the decision by gaining access to a new source of tax revenue, estimated to be $33 billion annually across all states and online businesses.
Although critics of the ruling believe that consumers will face higher prices when shopping online, others think that increased competition between online and physical storefronts will cancel out any significant increases.
The ruling has already had a significant impact on the stock values of some major retailers. However, it’s still unclear how small retailers that have an online presence will be affected, and whether states will alter their tax collection practices to account for the size of an online retailer.
Sending a child off to college is a significant milestone that represents the culmination of years of planning and hard work. As you prepare for the start of the semester, you should consider how your insurance needs may change with your son or daughter away at school.
Protecting Your Student’s Belongings
Many homeowners policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider purchasing additional coverage.
If your child lives off campus, his or her possessions may not be covered by your homeowners policy. In that case, you may want to consider renter’s insurance, which costs as little as $15 per month. Renter’s insurance will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence.
Keeping Your Child Healthy While on Campus
Many students can stay on their parents’ health plans if they are full-time students. However, restrictions vary greatly by state, and coverage could be even more complicated if your child is attending an out-of-state school.
If you find your child doesn’t have coverage under your plan, you have a few options. Most colleges have their own health plans, but some policies have high deductibles and low coverage maximums. A few don’t offer any coverage for conditions present before entering the school, so be sure to examine plans carefully. Otherwise, you may want to consider an individual policy for your child.
Changing Auto Coverage
If your child moves more than 100 miles away from your home to attend school and doesn’t keep a vehicle there, your auto insurance premiums could decrease by as much as 30 percent. Call us today at (504) 322-7299, and see if you can save money while still maintaining coverage for your child when he or she is at home.
Insurance Questions to Ask
Here are some important questions to ask when your child goes to college:
Count on UsIf you are sending a child off the college and haven’t looked at adjusting your coverage, contact us today to learn more. You could save money on your policies and protect your child from expensive incidents while away from home.
The American Cancer Society recommends that adults undergo colorectal cancer screening starting at age 45, opposed to the long-observed threshold of age 50. The new guidelines were published in CA: A Cancer Journal for Clinicians.
This shift affects nearly 22 million Americans who fall within the 45-to-49 age range.
Like most cancers, colon cancer is easier to treat the sooner it is detected. The longer you wait—even a few years, as this update implies—the greater the risk of the cancer progressing.
Doctors are quick to note that colon cancer can occur at any age, even in teens.
Colon cancer is the second-highest cause of cancer deaths among adults in the United States. The disease kills over 50,000 people each year.
According to a study from the American Cancer Society, colorectal cancer rates have been rising for every generation born after 1950.
As a way to encourage more people to get tested, the American Cancer Society suggested a few different screening options for doctors to promote.
These options include lab tests, stool samples and colonoscopies. The last option being the most invasive.
What Does This Mean for Me?
If you are 45 years old or older, you should speak with your doctor about what is right for you. Keep in mind that there are a number of screening options besides a colonoscopy if you are worried about taking time off work.
Remember that waiting only increases the risk of cancer progressing. Don’t wait to speak with your doctor about colorectal screening if you have any concerns, regardless of your age.
Recently, researchers at Talos—a cyber intelligence unit of Cisco—warned consumers of malware (malicious software) that specifically targets networking devices. The malware, which is known as VPNFilter, impacts an estimated 500,000 routers worldwide, particularly targeting devices from the following manufacturers:
Once on your equipment, the malware could stop your router from working, collect information from any systems that run through it and even block network traffic. Experts are concerned over the scope of the attack, as anyone owning a router from the affected manufacturers could be at risk, including businesses and individuals.
Agencies like the FBI have also expressed concern over VPNFilter, as this particular brand of malware can be used in espionage attacks on military, security and other government organizations.
Reduce Your Risk by Resetting Your Router
Unfortunately, there’s no simple way to tell if your router is infected. To protect yourself, it is recommended that you: